Thane-based Gala Precision Engineering, a manufacturer of precision components, is set to launch its initial public offering (IPO) on September 2, 2024. The company will announce the price band for the issue on August 27.
The IPO would include a fresh issue of up to 25,58,416 equity shares by the company and an offer-for-sale of 6.16 lakh equity shares by selling shareholders, including promoters. Prominent selling shareholders in the OFS are Taramati V Gala, Kirit Vishanji Gala — HUF, Nayna Gala, Satish Kotwani, Hemlata Dhiraj Shah, Dhiraj Nanchand Shah, and Rupa Sunil Mehta.
Public offer closes on September 4, while the anchor book opens a day earlier on August 30.
Gala Precision has two precision component manufacturing plants situated in Palghar, Maharashtra, that are specialized in disc and strip springs, coil and spiral springs, and special fastening solutions. Serving various industries with its product line, such as renewable energy, electrical, off-highway equipment, infrastructure, general engineering, and automotive, benefitting railways.
It claims to be the leader in the domestic disc springs market, commanding a 10 percent share, and it enjoys a dominant 70 percent share in the domestic renewable energy sector. Furthermore, Gala also has a three percent share of the global disc and strip springs market. With peers like Harsha Engineers International, SKF India, Sundram Fasteners, Rolex Rings, Sterling Tools, and Ratnaveer Precision Engineering, Gala Precision derives more than 80 percent revenue from springs technology business and overall 19.3 per cent from fastening solutions, with rest from surface engineering solutions.
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Source: Moneycontrol
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